Re: You couldn't make this up - Some Odd Facts About NAMA

More great work from NamaWinelake

One of NAMA’s most prominent foreclosed properties in Northern Ireland, a 96-acre development site on the outskirts of Belfast has come onto the market, but I would challenge you to (a) find it on NAMA’s website and (b) establish from NAMA’s website that it is for sale.

Brendan McDonagh is the chief executive officer of NAMA and he is ultimately responsible for this enforcement listing which is the most sought after information held at NAMA that is publicly available. It is bad enough that NAMA has been selling property off-market, like the two separate land-banks in Cork, it is bad enough that NAMA is selling property off-market to its own employees, it is bad enough that NAMA no longer provides a full listing of its foreclosed property in one document and it seems that NAMA hasn’t updated its listing since June, but to see – by accident – one of the most significant properties in Northern Ireland come onto the market and to then see the errors on NAMA’s foreclosure listing facility is a disgrace, and one which falls firmly on Brendan McDonagh’s shoulders.

Re: You couldn't make this up - Some Odd Facts About NAMA

There is a clear picture emerging that the Irish banks, and NAMA, are irretrievably bust, and that all the bailouts have left us with is an efficient colander through which to pour never-to-be-seen again financial resources.

It seems that the ST was prevented from publishing a story that NAMA had sought court orders to obtain Enda Farrell's computer last week. Ban has been lifted today, according to John Mooney. Lawyers for NAMA also told the High Court that there had been systematic removal of confidential information by Farrell. https://twitter.com/JohnMooneyST

Re: You couldn't make this up - Some Odd Facts About NAMA

More of it..

FORMER NAMA portfolio manager Enda Farrell allegedly sent more than 30 emails containing “highly confidential and commercially sensitive information” from the State agency to his wife, it emerged in the High Court yesterday.

Nama has reported his actions, uncovered during an audit of a property deal the couple did while he was still working for the State agency, to the Garda.

It said in a statement that it believed he may have committed a criminal offence under section 202 of the Act that established the agency.

His actions also sparked an investigation at professional services firm Ernst Young, which employs his wife, Alice Kramer. It is understood that the division for which she works advises on compliance. Ernst Young confirmed that it carried out the inquiry at Nama’s request and passed its findings on to the agency, but did not comment any further.

It is also alleged Mr Farrell, who now works for private equity giant Forum Partners, emailed other parties involved in property management and investment.

Re: You couldn't make this up - Some Odd Facts About NAMA

The Examiner have more info

Gardaí have been alerted after it emerged details of every loan acquired by Nama were allegedly sent by Enda Farrell to his wife and other parties involved in property management and investment. Mr Farrell now works for a global property investment firm.

Nama yesterday took legal proceeding against Mr Farrell and his wife, Alice Kramer, fearing the data "in the hands of others" could be commercially damaging to the agency and the public.

The information, it is claimed, includes a master spreadsheet of all loans acquired by Nama and all properties acquired by Nama as security for the loans, specific asset disposal strategy in relation to certain Nama debtors, and other information acquired in confidence.

Re: You couldn't make this up - Some Odd Facts About NAMA

Farrell/NAMA getting some press today, but not as much as one would expect

But when we asked in May if Nama "had any rules to stop executives leaving and joining private equity or vulture funds who may be seeking to buy up Nama assets", Nama was aware that that self- same portfolio manager, Enda Farrell, had been hired by private equity firm Forum Partners to "scour the Irish market for distressed debt deals", as this newspaper put it. And well Forum might hire Farrell.

Enda Farrell clearly had a good eye for picking up a distressed asset. In trying to get beneath Nama's code of secrecy, this paper would have been much better off dealing with Enda Farrell than the various spin doctors and others with whom we were dealing. Apparently Farrell used to email his wife all kinds of sensitive information from Nama. He even sent her the full list of all the debts owned by Nama and the properties against which those debts were charged.

You may wonder why his wife would want to read boring stuff like that. We can only speculate, but presumably Farrell's missus would have been curious about the content of the 30 emails that Farrell sent her over the course of a number of months full of "highly confidential and commercially sensitive information", especially since the accountancy firm she worked for had got millions from Nama for services rendered.

Re: You couldn't make this up - Some Odd Facts About NAMA

I was wondering why he was stupid enough to send e-mails from his work account with the confidential information. According to John Mooney in the ST today NAMA employees are prohibited from using USB memory sticks to copy data.

Re: You couldn't make this up - Some Odd Facts About NAMA

I assume one reason we pay NAMA staff so well is that they will not need to use confidential information to try and garner extra income...

Mr McDonagh, who has in the past claimed he is in negative equity, was paid €430,000 last year for his work but this year took a 15 per cent pay cut bringing him down to the still very handsome salary of €365,500. The CEO is also entitled to bonuses up to 60 per cent of his salary but has waived his right to this contractual agreement since he took office.

The 214 staff responsible for clearing up our State-funded banks' balance sheets earn an average pay package of €103,000, while three employees, excluding Mr McDonagh, earn above the Government imposed €200,000 pay cap.

A total of 18 Nama officers earn between €150,001 and €200,000 a year and another 69 are paid more than €100,000.

In a typically cryptic fashion, the State agency finally admitted to the Sunday Independent last week that it has been forking out taxpayers' cash for company cars and health insurance policies for their high-earning staff.

A spokesman said: "Nama confirms that health insurance and/or cars are included in the remuneration packages of selected staff, depending on the nature of their role within the organisation."

Nama's €153,778-a-year chairman Frank Daly told this newspaper recently that the agency was forced to shell out big wages because staff are continuously being poached from the bad bank.